Police say the men had been sailing in a race between Queenscliff and Port Fairy when their yacht began taking on water about seven nautical miles off Port Campbell early on Saturday.
The crew issued a mayday broadcast, before the yacht sank a short time later and left all six men in the water.
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All six men were plucked safely from the sea, and were bound for Port Fairy on board a yacht that was nearby and went to help them in extremely rough seas.
Police say one of the men was suffering from mild hypothermia.
