Waterloo Point is the south-eastern headland of Waterloo Bay and, in Scuba Doctor's words, a relatively easy reef dive on a weed-covered bottom – a gently sloping boulder field with plenty of small crevices to explore, from 5 to 30 m. After the walls and drop-offs of the surrounding sites it is the eastern Prom's gentle dive, the place a boat takes its less experienced divers or does a relaxed second dive after the north wall. The slope is granite boulders of modest size under a canopy of kelp and mixed brown algae, opening into sand and cobble gutters; the crevices between the boulders hold crayfish, abalone, decorator crabs, shrimp and small octopus, and the undersides carry sponge, ascidian and bryozoan patches, with old wives, bullseyes and blue devils in the shade.

Above the kelp are wrasse, morwong, leatherjackets, sweep and zebrafish, and draughtboard sharks and Port Jackson sharks rest among the boulders. There is a noticeable current towards the point, which increases with depth and distance from the bay, and the outer slope to 30 m is best left for slack water. The wooden barque Cheviot (1827) was wrecked about a kilometre to the north-north-west and is a separate shallow wreck site.

Waterloo Point suits Advanced or confident Open Water divers who have made the long trip down the eastern coast from Port Welshpool and want an easy, life-rich boulder dive in clear water; it is rarely dived simply because it is rarely reached. Visibility is generally 10–20 m, and the site is inside the marine national park, so nothing may be taken.

Boat only. Launch at Port Welshpool (sealed all-tide ramp, jetty and trailer parking on Corner Inlet, 2.5 hours from Melbourne) and run south through Corner Inlet's marked channels and out past Rabbit Island down the eastern Prom coast – about 30–40 km and 60–90 minutes to Sealers/Refuge Cove, longer to Waterloo Bay and South East Point. The coast is exposed to easterly and southerly swell and has no facilities; carry fuel, radio and all air, and plan around the weather window and Corner Inlet tides.

Waterloo Point is about 40 km from Port Welshpool, between Waterloo Bay and the lighthouse peninsula; anchor in sand inside the point on the bay side in 10–15 m and dive at slack water because of the current towards the point.

Best with calm seas, no swell and no wind; light offshore south-westerly winds may be acceptable, strong onshore north-westerly to southerly winds not. There is a noticeable current towards the point, so slack water is preferred. Autumn calms.

The eastern Prom coast is reached only after a long boat run from Port Welshpool, so the whole day's forecast must be settled: swell under 1–1.5 m, light winds, and no change due. Easterly and south-easterly swell is the main problem on this coast; a westerly wind flattens it but makes Corner Inlet's entrance choppy on the ebb. Visibility is typically 10–25 m and best in autumn after several calm days.

Descend the anchor onto the weed-covered boulder slope at 10–15 m and work towards the point with the rock on one shoulder, exploring the small crevices, to a maximum of 20–25 m. Turn before the current at the tip picks up, return along the slope at 8–12 m and finish under the boat.

No dive charter operates at Wilsons Promontory. Sites are dived from club and private trailer boats – Dive La Trobe, VSAG, Melbourne University Underwater Club and Dive Victoria Group run occasional camping-and-diving trips – launching at Tidal River (beach launch, permit/key from Parks Victoria), Port Welshpool or Sandy Point. Wilsons Promontory Cruises (Port Welshpool) runs sightseeing cruises to Skull Rock and the islands but no diving.