"They were a good 500m from shore," Mr Waller said. "One of the guys we picked up later said if we hadn't of been so close and heard them screaming, he would have drowned as well."
Mr Bryson said they reassured the two men they were going to find their friend and resuscitate him.
"We honestly anticipated finding the lad so we were very disappointed. It's a hard pill to swallow, know he was right there and we couldn't find him.
"While Brendon was on the phone to the Coastguard we heard more cries for help and saw two more people clinging to the capsized boat."
Mr Bryson and Mr Waller picked up the other two men before continuing to search for the missing man.
"We spent at least 15 minutes looking for the guy who had drowned, hoping we would find him, take him to shore and revive him," Mr Bryson said.
It was during this time Mr Waller said the Coastguard arrived.
"The Coastguard made it to the scene very quickly. He gets top marks for his response time."
Mr Bryson said he doesn't want people to think what he did was selfless or heroic.
"The group was very fortunate that we were nearby when it happened but I wouldn't say what we did was brave, nor would I call ourselves heroes.
"We just did what we would hope someone else would do if we were in that kind of situation," Mr Waller said.
Mr Bryson said following the incident, the four rescued boaties visited the pair to express their gratitude.
"It was a pleasant gesture for them to come see us. They dropped around some Heineken to say how thankful they were that we had helped them.
"If there's anything I've learned, it's that fun is important, and you should never stop having fun, but safety is paramount."
