UPDATED 6.30pm: The Westpac Rescue Helicopter has landed at the Launceston General Hospital with the two men on board.
UPDATED: Two men have been rescued after their ultralight aircraft crashed off the North-East coast this afternoon.
The plane took off from Bridport this afternoon and the Australian Maritime Safety Authority received a distress call about 3pm.
Tasmania Police were contacted to help in the rescue efforts and a police boat reached the men - a pilot and one passenger - just before 5pm.
Both are suffering from hypothermia but are reported to otherwise be in good health.
They are expected to be winched from the police vessel and flown to hospital.
EARLIER: An ultralight aircraft carrying two passengers has crashed in waters off the North-East coast of Tasmania, authorities believe.
The aircraft took off from Bridport and was flying to Newcastle in New South Wales.
Two people have been sighted in the water wearing life jackets around the site of the crash.
The Australian Maritime Safety Authority said the aircraft went down in the Banks Strait which is about 50 nautical miles north east of Launceston.
Banks Strait runs between Cape Barren Island and the Eastern most tip of the North-East.
The authority is co-ordinating the rescue with aircraft in the area which is en route to the scene.
A search and rescue plane from Essendon and two helicopters, including the Westpac Police Rescue Helicopter, were deployed to help.
A personal safety beacon on board the aircraft had been activated.
The authority was alerted by Airservices Australia of the incident about 3pm. It is unsure the destination or the origin of the plane at this stage.