The body of a missing Victorian man has been pulled from a river in New Zealand.

Mathew Slade, from Melbourne, disappeared while swimming in the Waikato River, near Taupo on the North Island, around 6pm yesterday.

The 21-year-old's boy was discovered this afternoon by police divers in the river close to where he was last seen.

His parents flew to New Zealand this morning and had been waiting for news close to the search scene.

Mr Slade had been in New Zealand since December 22, riding and training ponies for the World Championships of the Equestrian Mounted Games.

He had previously represented Australia in this sport and was intending to compete this weekend.