UPDATE, Wednesday 8.40pm:
NSW Police have said their officers attached to the Riverina Police District were called to Apex Park at about 4.30pm following reports a boat had exploded and caught fire on the lake.
Police say NSW Ambulance paramedics treated an 11-year-old girl, a 40-year-old woman and a 44-year-old-man for minor burns. An eight-year-old girl was treated for more significant, second degree burns.
The lake has reportedly been closed until the boat is recovered.
The two children are believed to have been wearing life jackets, and police have commenced investigations into the circumstances of the explosion.
UPDATE, Wednesday 6.50pm:
Fire and Rescue teams are deploying booms around the now sunken boat on Lake Albert.
The boom will aim to stop the spread of oil/fuel on the water's surface to the rest of the lake and shoreline.
Two adults and two children had to swim to safety after their boat burst into flames at Lake Albert on Wednesday afternoon.
Turvey Park Fire and Rescue Superintendent Stewart Alexander said four people were on the boat at the time of the fire.
"Two adults and two children managed to swim to shore and are currently being treated for burns," he said.
Superintendent Alexander said they were unsure about the severity of injuries at this stage, as well as the cause of the fire.
Four ambulance vehicles were on site, as well as police vehicles and Fire and Rescue crews.
"We are sending out a couple of rescue boats now to put out the blaze in the centre of the lake," Superintendent Alexander said.
"While the fire is the initial worry we do have to be cautious that there is no oil or fuel spillage across the water."
An Ambulance spokesperson said all four patients have been taken to Wagga Base Hospital for observation, three of which treated for superficial burns and another in a serious but stable condition.
"One patient has minor burns to the face, another patient presented superficial burns to the feet, a child had burns to the left forearm and possibly the leg but at a superficial level, and the other has serious burns to the lower limbs," they said.
More to come.