Derek Agnew and his wife, Lynne, lost everything in Wednesday's blaze on Railway Road at Balldale.

Flames quickly took hold of the Murray Pine weatherboard house, built in 1906, and it burnt to the ground within an hour.

The couple's King Charles Spaniel was caught in the home and died, but another dog managed to safely escape.

Mr Agnew was in Albury when he received a call to say the house was alight.

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He has been left with only the clothes on his back.

"What I'm wearing is what I've got," he said.

"That's it.

"It's been maybe a rat or mouse or something that's chewed a wire in the wall.

"Apparently the heat was that intense, nobody could do anything.

"In half an hour it was up and within an hour the roof had collapsed.

"We're just in shock."

The couple have been buoyed by offers of help from nearby residents, who have dropped by to give cash and clothes.

"Everyone in town has been great, they've helped us out immensely," Mr Agnew said.

Fundraisers are planned to support the pair, who are living in a caravan next the remnants of the home.

Family heirlooms were destroyed and items kept in a safe turned to ash.

The heat was so intense, bins, plants, vehicles and other items up to 10 metres from the home burned.

Rural Fire Service Inspector Andrew Gray firefighters received a call to the home about 12.25pm.

"There's 100 per cent loss," he said.

"There were no threats to surrounding properties."

Firefighters remained on scene for hours.

Mr Agnew was told they would likely have died if the fire started when the pair were asleep.

"We're safe," he said.

"You can always rebuild but I suppose the main thing is we're safe."

The blaze appeared to have started towards the front of the home, near a lounge room and main bedroom.

Firefighters were concerned about potential asbestos exposure.

There was no risk to other properties.