Satherley says they "saw him put his hand up and saying, 'help, help,' so we went over to him and pulled him on our board."
The boys are part of the under-14 lifeguard training program at Northcliffe Life Saving Club.
Club president David Shields said he'd never seen a rescue like it and the boys "really did perform well above their years."
Nearly 50,000 Australian children ages 5 to 13 are enrolled in junior life saving programs, according to Surf Life Saving Australia.