The pair, in their 20s, got into trouble when they were swept out in a rip and signalled for help as they started slipping under the surface.
A 15-year-old boy and a surfer saw the distressed pair and rescued a man each, dragging the exhausted and cold men to shore.
Ms Lowe said it was a "close shave with death" for the worst-affected of the two men, who was pulled out blue, barely breathing and having ingested a large amount of water causing wet lungs.
The second man was also exhausted and close to drowning, but not so bad, said Westpac helicopter chief paramedic Barry Watkin
A paramedic and two doctors, who happened to be holidaying in the area and were at the beach, performed CPR on the worst-affected man.
Paramedics and the Westpac Rescue helicopter were called and the pair were flown to Auckland Hospital, one in a critical condition and the other in serious condition.
One of the men, said to be of Indian descent, remained in a stable condition in hospital today while the second man had been discharged.
Mr Watkin said both men were lucky to be alive: "They should have been statistics but the right people were there, and it all lined up."
The man still in hospital was still not out of the woods yet. He was still at risk of developing a secondary pneumonia and different infections.
The men were among seven people rescued from the beach after 4pm yesterday, while another three had been rescued between 8am and 4pm, Ms Lowe said.
She said 22 people had been rescued over a busy two weeks but yesterday was the worst day this season.
Unsuspecting swimmers often headed out into rips as they appeared to be calm spots in the midst of waves, she said.
Surf Lifesaving NZ Eastern club development officer Matt Williams said education was the main tool to prevent drownings, but the many signs dotted across Hot Water Beach did little to deter swimmers.
"Always swim between the flags, and if you're not a confident swimmer, don't go out on unpatrolled hours. If you go out in the water between the flags, we guarantee your safety and you can't do better than that."
He said beachgoers should never swim or surf alone, and he urged people to know their limits.
