Low-lying homes in the flood-affected Victorian town of Charlton are being evacuated as river levels peak.
The Avoca River in the northwestern town reached 7.5 metres at 6.30am on Saturday and it's expected to remain around that level for the next 24 to 36 hours, The State Control Centre says.
"It's still rising very slowly, but it's expected to remain at this level," a spokesperson told AAP.
Four homes are at risk of being inundated, and emergency services are door-knocking homes in low-lying areas that need to be evacuated.
No significant rain is forecast by the Bureau of Meteorology for Saturday, but residents are being urged to remain vigilant as a major flood warning continues.
Victorians travelling intestate for the start of the school holidays are also being advised to avoid driving through flooded areas or to postpone their travel plans.
The SES has received more than 500 flood-related calls since heavy rain hit the region.
As the river reached 7.38m on Friday afternoon, the town was sandbagging entry ways after low-lying driveways and backyards were inundated.
Flood waters have already claimed the life of an elderly farmer whose body was discovered in a Wallacedale dam on Friday.
The 84-year-old man, named by media as Frank Bell, had been missing since Wednesday after his ute was found swept away in the dam.
During the 2011 floods, more than 80 per cent of Charlton was underwater as the river exceeded the eight-metre mark.
More than 400 people had to be evacuated as water levels reached floor level.
The state government has announced up to $1300 per person in disaster assistance to help cover immediate needs, and up to $32,500 to help with the clean-up and rebuild.
Federal Justice Minister Michael Keenan and Victorian Emergency Services Minister James Merlino on Saturday also announced joint disaster relief for 22 flood-affected regions.