Danni McGregor secretly enters the electrifying and dangerous Snowy River cross-country race — an annual race created in honour of her father's famous ride years before. Then, a mysterious American appears, determined not only to win the race at any cost, but also to challenge Matt McGregor himself in the original death-filled ride down the mountainside.

Oliver Blackwood becomes part owner of the bank and is delighted to learn that Langara's deeds are security against Matt's loan. Luke proposes to Victoria Blackwood to the dismay of her father who refuses to support the union. When Luke and Victoria persist, Oliver tells his daughter she will be completely disinherited if she marries a McGregor. Matt wins the election.