The alleged incident happened at an address on Birchwood Boulevarde at 11:30pm.
Investigators have been told the female victim, a 63-year-old woman, was talking to a relative overseas when she heard the smashing of glass coming from her kitchen.
When she went to investigate she was confronted by two men.
One of the men picked up a kitchen knife and allegedly threatened her, pushing her into the loungeroom, causing her to fall to the ground.
The second victim, a 79-year-old man, allegedly had a knife held to his neck during the incident.
The two men ransacked the house, causing considerable damage in their search for cash and valuables.
While this was happening, the person on the phone could hear what was taking place at the address and called a nearby relative who contacted police.
Police attended the scene while the two burglars were still inside the house.
A cordon was established around the house with burglars being arrested a short time later after they smashed out of a side door and jumped a rear fence,
The two offenders, a 22-year-old Derrimut man and a 19-year-old Kurunjang man have both been charged with aggravated burglary, two counts of armed robbery, criminal damage and assault with a weapon.
The 22-year-old man has also been charged with committing an indictable offence while on bail.