The shootings happened "near simultaneously", Mr Basham said.
"I am confident the actions of the two officers saved the life of the second female."
He said the officers took decisive action in a dangerous situation, but he was not able to say whether the man was shot in the front or the back.
The two officers involved would be receiving welfare and psychological support, Mr Basham said.
"The application of lethal force is at the highest end of the continuum for us and it is a very difficult and challenging situation the officers found themselves in.''
The officers acted with a "great deal of professionalism and a big dollop of bravery'', Mr Basham said.
He said police policy was that officers needed to use their discretion in using force based on the situation they were confronted with.
The incident happened in "nano-seconds'' and would be under a great deal of scrutiny.
He would not comment on the relationship between the three people, other than they were known to each other. He would also not confirm that police had visited the property previously for domestic incidents.
All three people at the house were taken to Wellington Hospital.