Mr Brennan was fishing off a pier when he saw the signals for help about 9am on Monday.

Living in Wellington Point Queensland, Mr Brennan said 24 hours on, he was still in shock from the ordeal.

"Fishermen were pointing to something in the water which turned out to be where she was," Mr Brennan said.

"She hit her head on the jetty and went straight under the water - the current was really strong and took her out about 15 feet."

With bystanders watching and other fisherman looking around, the former Ararat YMCA lifeguard didn't think twice before taking off his jacket and diving into the water.

"I dived into where the fisherman told me where she was and started looking around," he said.

"The water was really murky and when I opened my eyes to see - it was all blurry.

"I wasn't really thinking about my safety at the time, all I wanted to do was find the woman."

After coming up for air, Mr Brennan dived down for the second time and spotted a red hat.

"The hat was still attached to the woman's head and I found her at the bottom of the water - with her fishing rod still in her hand," he said.

"I brought her up and got her to the pier and started administrating CPR as she had no pulse.

"On the second compression I got her back and she started bringing up all the salt water. The Ambulance officers and Police arrived shortly after that."

Mr Brennan said he guessed the women was about in her late 40's - but she and her husband couldn't speak English.

"They were very thankful for what happened and I could tell her husband was very appreciative," he said.

"I fish there all the time and I think she could be a tourist - I haven't seen her before.

"It's a huge reminder about water safety and the importance of learning how to swim."

Mr Brennan said he regularly visits the fishing spot but never knew what was under the water and how dangerous it was.

"I've got scratches from the reef where I was washed up a bit when I was trying to get back to the pier with the woman.

"The Police and Ambulance officers both said if I hadn't of jumped in, it would have been a fatal incident for sure.

Mr Brennan said it was a morning he would never forget.

"I caught a Bream before everything happened so it looked like it was going to be a good morning for fishing," he said.

"I've seen kids jump off that pier thousands of time and probably don't think about what is under there. It's a wonder something has happened before now I have seen what is down there.

"I was also amazed by the number of people who were quick to start filming and taking photos - that really disturbed me."

A spokesperson from Life Saving Victoria encouraged swimmers to swim with others and look out for one another around water.

"When people visit the water they need to be aware of and prepared for the conditions," they said.

"We know a number of drownings occur from people falling off things, such as piers, groins or paths near water.

"Even if people aren't planning on going swimming they need to be aware of their surroundings and the possibility of ending up in the water, even by accident.

"We also encourage people to learn CPR and basic rescue techniques. If the public has some awareness on how to help it can be beneficial in some circumstances."

While you're with us, you can now receive updates straight to your inbox each Friday morning from the Ararat Advertiser. To make sure you're up-to-date with all the news from Ararat and districts, sign up here.