Dennis Payne, 58, was cray-fishing off rocks near Childers Cove Road about 8.30pm on Friday night, police investigators were told.

It is believed a fellow fisherman went to join the man but was unable to locate him.

A Warrnambool police spokeswoman said a search by police and emergency services commenced but was ceased overnight due to the treacherous area and steep cliffs down to the water.

Mr Payne's body was located in water about 6.20am on Saturday and was retrieved by the airwing.

Inquiries into the circumstances of the incident are ongoing and a report is being prepared for the coroner.

Mr Payne's son Michael said his father was a story-teller with a heart of gold.

He said the most important thing in his father's life was his family.

"For me and my brother, he was a firm but fair father," he said.

"His family was everything and he will leave the legacy of 'give more than you take'. He just helped other people as much as he could."

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Mr Payne moved to Terang in 1989 and was a semi-retired hobby farmer who loved fishing, gun club, his Harley Davidson motorcycles and playing video games.

"He was right into the video games with us boys growing up," Michael said.

"More recently he learnt to use a tablet to play his games. You couldn't get him off the bastard."

Following news of Mr Payne's death, a number of people left condolence messages on The Standard's Facebook page.

"Very sad to hear the terrible news. Dennis was a friendly, outgoing, supportive and caring person. We will miss his cheerful face and manner," wrote one.

"How incredibly heart breaking," another wrote.

The Payne family thanked the community for their ongoing support.

Mr Payne was the son of Estelle, brother of Michael, a husband to Val, the father of Samara, Michael and Dylan and a grandfather to Addison, 5, and Jesse, 3.

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