The yacht missing off the east coast of the Coromandel Peninsula has been found.

Maritime New Zealand is reporting that both people on board are believed safe.

Maritime NZ's Rescue Coordination Centre NZ began coordinating the search yesterday evening after a brief and partial Mayday call was received.

Two rescue helicopters, a Coastguard vessel and the Te Kaha were deployed by the Rescue Coordination Centre NZ after a sinking yacht made a mayday call at 6.30pm last night.

The vessel's coordinates were given as near Waiheke, but verbally the yacht's location was given as ‘east of Coromandel'.

A search was underway near Great Mercury Island today. Image: Google Maps.

An initial search failed to find the yacht at the coordinates given.

Senior Search and Rescue Officer, Chris Henshaw, says that a short time ago, a vessel advised that it was the one that had broadcast the Mayday call.

RCCNZ is standing down the search aircraft and vessel.

More details will be shared as they become available .

The Royal New Zealand Navy frigate HMNZS Te Kaha is part of the search team for the missing yacht.