TWO people who were clinging to a tree for more than an hour in cold water are among five rescued when their boat capsized in the middle of a Lake Eildon late last week.
Eight people were originally aboard a speedboat when it was hit by a large wave and filled with water just before 7pm on Thursday.
The group – two teenagers and six people aged in their 20s – had been heading back to a houseboat nearby.
Three people managed to swim safely to shore where they raised the alarm, while three others swam to an island, and the other two were left clinging to a tree in the water.
The five people remained stranded for more than an hour before emergency services could reach them, via both the air and the water.
All eight people were assessed by paramedics at the scene, with three people taken to hospital in stable conditions.
One young man was treated for hypothermia and was flown to Royal Melbourne Hospital.
The freezing weather conditions were a concern during the rescue, with the 10C temperature feeling more like 2C, Water Police Inspector James Dalton said.
"I must admit when I got the call at home, it sounded like it was going to be a dire result, eight people going into the water in those conditions," Dalton said.
"They're very lucky.
"They obviously didn't look at the weather report; they weren't wearing life jackets when they went into the water."
The boat skipper is currently assisting police with their investigations.