Two experienced marine rescue volunteers who lost their lives during a treacherous rescue mission have been hailed as heroes.

Three men died and four others were rescued when their rescue boat capsized while trying to assist a sinking yacht off the NSW Far North Coast on Monday.

Emergency crews were called about 6.15pm after a member of the public spotted a yacht in trouble at the South Ballina breakwall.

A Marine Rescue NSW boat with six volunteers on board responded but overturned while crossing the Ballina Bar in heavy 2.5metre swells and strong winds.

Several became trapped under the hull, while others were thrown from the vessel.

The body of one crew member, 78, was winched from the water by the Westpac Life Saver Rescue Helicopter while another, 62, was located on the sand.

The body of a man in his 50s, who was on board the yacht, was also found on the shore. He is yet to be formally identified.

Police confirmed that the two rescuers killed were both Ballina locals, who are now being commended for their bravery.

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Two local marine rescue volunteers lost their lives during a treacherous rescue mission off Ballina. A man onboard the sinking yacht they were attempting to rescue also died

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NSW Marine Rescue Commissioner Todd Andrews described the two local volunteer rescuers who lost their lives as heroes

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The triple tragedy has rocked the Ballina community. Pictured is Ballina Mayor Sharon Cadwallader being consoled by emergency responders on Tuesday

‘These men are heroes,’ NSW Police Marine Area Command Superintendent Joe McNulty told reporters.

‘They volunteer their lives to save others and went out last night in difficult sea conditions to a vessel in distress to save the life of another man.’

The four other rescue volunteers on board were taken to hospital with non-life-threatening injuries and are expected to make a full recovery.

Authorities suspended the search on Tuesday morning after inquiries indicated that no one else was on board the yacht at the time.

Superintendent McNulty added the yachtsman was not wearing a lifejacket when his body was recovered, and that a distress signal had not been activated beforehand.

NSW Marine Rescue Commissioner Todd Andrews described the tragedy as the darkest night in the command’s history.

He added that the six crew members involved in the rescue were all experienced and had the necessary qualifications.

‘Conditions can vary significantly but, before any marine rescue response, a risk assessment is always done prior, but that will form part of the police investigation,’ Commissioner Andrews said.

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Heartbroken locals placed flowers outside the marine rescue centre and paid their respects

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The tragedy has rocked the beachside town on the NSW Far North Coast

Ballina Mayor Sharon Cadwallader fought back tears as she embraced emergency responders and laid tributes outside the centre on Tuesday.

She said the volunteers who lost their lives had ‘paid the ultimate sacrifice’.

‘Pretty much with any marine rescue response we do, there’s risk involved, and our volunteers do understand that risk, which is why I believe those two (dead) people are heroes,’ she told reporters.

The surviving volunteers suffered injuries ranging from minor to broken bones.

‘But that’s only their physical injuries – I’m sure they’ve all got substantial mental health injuries as well,’ Commissioner Andrews added.

‘I’m led to believe they’re not doing too well.’

It was later revealed that local citizen of the year Captain Geoff Hutchinson was at the helm of the vessel and broke his leg during the scramble to safety.

The tragedy has rocked the beachside town, where shattered locals gathered at the marine rescue centre to lay tributes.

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Authorities suspended the search on Tuesday morning after inquiries indicated that no other else was on board the yacht at the time

Consisting of 100 volunteers, the centre will remain closed for at least three days.

The Ballina community has rallied to raise more than $25,000 within hours to replace the marine rescue boat.

The damaged vessel was flipped on its side on the beach near the southern breakwall on Tuesday.

Local federal MP Kevin Hogan said the mood was ‘solemn in Ballina’ on Tuesday.

‘We are all reminded again of the selfless actions of volunteers who put their lives in danger to keep us safe,’ he said.

‘Speaking with marine rescue volunteers and management earlier, the welfare of the four volunteers remaining in hospital is a priority.’

NSW Premier Chris Minns also paid tribute to the volunteers.

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A Marine Rescue NSW boat with six crew on board capsized while crossing the Ballina Bar in rough seas and strong winds

‘Emergency service workers do an incredible job to keep us safe in difficult circumstances,’ he said.

‘It’s part and parcel for the Australian character that you would do that for your neighbour, for your community member… but it’s such a challenging time for this wonderful organisation.’

The Ballina breakwater, where another boat sank earlier this year, is notorious for its shifting sands, strong tidal flows and large ocean swells.

‘The entrance to the Richmond River at Ballina has long carried a reputation as one of the most dangerous river bars on the Australian coast,’ Marine Rescue NSW has said.