3.31PM: Police and the missing hiker began descending descending Mount Bogong at about 1.30pm.
They are headed down the Eskdale Spur and are expected to return by 5pm.
Falls Creek police said the conditions had improved slightly but the group was still facing sub-zero temperatures.
Visibility had been reduced due to low cloud and wind gusts had dropped back to about 40km/h.
The hiker is in good health, with no concerns of hypothermia.
10.13AM: Conditions are still too drastic for police and the lost hiker to descend Mount Bogong.
Mount Beauty police say there's snow down to 1000 metres. They will continue waiting for conditions to abate.
9.21AM: Five police are with the lost hiker on the Mount Bogong summit.
They have taken refuge in tents and will wait there until weather conditions improve.
Falls Creek police said they were caught in snowy and gusty conditions and sub-zero temperatures.
They will remain there until at least midday.
8.27AM: RESCUE workers have been forced to take cover as wild weather hampers efforts to rescue a hiker who got lost on the mountain last night.
Mount Beauty’s Leading Sen-Constable Peter Johns said the man, who had set off alone, had phoned triple-0 about 4.30pm yesterday after becoming disoriented in the bleak mountain conditions.
He had food, water, clothing and a tent.
Rescue crews set off about 10pm for a four-hour climb to the summit from Eskdale Spur and it has been confirmed that they located the man last night.
However, wild weather has since moved in and the group have been forced to take cover.
Wild weather, with gusts of wind up to 100km/h and a snowstorm, were expected in the area about 3am.
The mission follows two hikers spending Saturday night on Mount Bogong in freezing temperatures.
A Bendigo North man, and his friend, 33, from Box Hill, Melbourne, returned to Mount Beauty about 2pm Sunday after a 12-hour search for them.