A man and a women, believed to be aged in their 40s, were on board when the helicopter crashed in Piries, just south of Mansfield.
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Emergency services were called to the property on Mansfield-Woods Point Road just after 3pm.
A witness has told the Border Mail the helicopter hit powerlines before coming down.
The female passenger was seriously injured, and has been airlifted to hospital. She remains in a critical condition.
The male passenger received minor injuries, but was also taken to hospital in an air ambulance.
Police are investigating, and the Civil Aviation Safety Authority and Australian Transport Safety Bureau will also be notified of the incident.
with The Age, AAP