Senior Sergeant Steve Watt, of Wanaka, said while it was too early to confirm the cause, indications from those on board the Guimbal Cabri G2 were that there had been a mechanical issue.
The Wanaka Helicopters machine was being used for a training flight when it came down on the north side of the airport runway about 11.30am yesterday.
Emergency services were called as part of a crash-response plan and ambulance and police were called, but the ambulance was stood down soon after arrival.
As the crash was away from the runway, the airport remained open.
The helicopter was seriously damaged.
The company had no further comment yesterday.
Snr Sgt Watt said the damage to the helicopter was "severe" but would not describe the crash as a "heavy landing".
"Given the lack of injuries suffered by the persons on board, it could be considered a low-impact crash.
"As with any flight, from time to time things do tend to go wrong and we're just very fortunate in this instance both passengers have come out with no injuries."
A spokeswoman for the Civil Aviation Authority said an investigation was under way.