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A 78-year-old man has risked his own life to save his sick wife from a massive fire which destroyed their home in Melbourne's north.

Steve Bardaris and his wife, Maria, were asleep when the fire broke out at their Barrymore Road home in Greenvale, shortly after 12.30pm.

Luckily, Mr Bardaris woke to the smell of smoke and noticed a plume billowing from the side of the house.

"I thought it was a big, dark cloud...but then all of sudden I realised it was smoke," he told Seven News.

An elderly couple have had a lucky escape from their burning home. Photo: 7News

Mr Bardaris ran outside and attempted to tackle the fire with a garden hose, but it was too fierce.

"I first grabbed the water hose and tried to put it out," he said.

Mr Bardaris knew he had to save 80-year-old Maria, who recently suffered a stroke and struggles to walk.

"A couple of minutes later I have seen three or four people come in," he explained.

"I got my wife out, and then all of a sudden I saw the fire brigade and I left it to them."

The humble hero even managed to save the couple's beloved dog, Bella.

"I put her in a rubbish bin, she was running in and out, she was scared," Mr Bardaris said.

Steve Bardaris rescued his sick wife and their dog from their burning home. Photo: 7News

The MFB and CFA sent in 11 trucks and aerial appliances to tackle the massive blaze.

The CFA's Gavin Wright said the fire spread at an alarming rate, causing extensive damage to the property.

Fire investigators estimate the damage bill to exceed $800,000.

The couple's son is just grateful his parents escaped the blaze without injury.

"Their home is gone, but they are still here - that's the main thing."

The huge blaze destroyed the Bardaris's home.Photo: 7News