Two men allegedly broke through the front door of a home in Wodonga about 12.30am and threatened the three people inside with a gun, demanding money.
Police have been told one man hit a resident in the head with the gun, before the resident grabbed a kitchen knife and lunged at the intruder.
The resident allegedly then wrestled the gun from the intruder.
Police suspect the intruder was possibly cut in the stomach by the knife during the struggle.
Both intruders allegedly then fled on foot, having stolen cash.
Two of the victims, a 61-year-old man and a 29-year-old man, were taken to hospital with non-life-threatening injuries.
Police are calling for help to find the two men behind the home invasion.
One was wearing a red bandana over his face, a light-coloured top and dark pants.
The other was wearing a black bandana over his face, a black hoodie jumper and black pants.
Any witnesses, anyone with CCTV or dashcam or who has information on the incident is urged to contact police.