The bodies of Mohammad Ghouseuddin (45) and Syed Rahath (35) were found while the search was on for the body of Mohammad Abdul Junaid (28).
According to reports reaching the relatives of the deceased here on Tuesday, the incident occurred at Moonee Beach in New South Wales.
Ghouseuddin and Rahath, based in Sydney, had come to Moonee Beach along with their families for a get-together.
When their three teenage children started drowning, Ghouseuddin along with his nephew Junaid and Rahath jumped into the water to save them. However, all the three adults drowned.
Guards saved two girls and a boy, all aged between 15 and 17. They were shifted to a hospital.
Ghouseuddin and Junaid hail from Nalgonda district while Rahath was from Hyderabad.