Five people had to be rescued at Lake Eildon after their boat capsized on Thursday, February 2.
Police said eight people had been on the boat on the lake, with five of them needing to be rescued.
Two had to be rescued after they were found clinging to a tree in the lake, while three more people had made their way to an island and were rescued from there, police said.
The other three people who had been on the boat managed to swim to shore themselves.
All eight people were checked over by ambulance crews and three were taken to hospital, one to Melbourne and two to Wangaratta.
An Ambulance Victoria spokesperson said a man believed to be in his 20s was treated for hypothermia and flown in a stable condition to the Royal Melbourne Hospital by air ambulance.
According to the spokesperson, a man and a woman believed to be in their 20s were taken to North East Health in Wangaratta in a stable condition for observation.
Ambulance Victoria said two women and a man believed to be in their 20s, as well as a teenage boy and girl, were assessed by ambulance officers but did not require treatment or transport.
Police said the driver of the boat was assisting them with their inquiries.
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