Crews were called to the fire at 9.40pm (Monday 27 Aug) and found the women during a search of the smoke-filled property. Firefighters carried the two women out from the fire.
One of the women, believed to be in her 40s, died at the scene.
The other woman, also believed to be in her 40s, was transported to the Alfred in a life-threatening condition where she passed away this morning (28 Aug).
Around 25 firefighters from Geelong City, Belmont, and Grovedale were involved in the incident. The fire was extinguished in 5 minutes.
More details at Victoria Police News.