Australian golfers Marcus Fraser and Brett Rumford were just two shots behind leader Alexander Noren of Sweden on Saturday after three rounds of the Ballantine’s Championship in South Korea.

Noren held the outright lead by one stroke after a three-under-par 69 to reach nine-under 207 for the $US2.8 million ($A2.75 million) tournament at the Blackstone Golf Club.

Pablo Larrazabal of Spain and Scotland’s Peter Whiteford are one stroke behind Noren at eight-under. Larrazabal fired the best round of the day with a 68, while Whiteford put together his second straight 69.

Fraser and Rumford are another shot behind at seven-under. Rumford didn’t have a par on the back nine, picking up six birdies, including five in his last five holes, along with three bogeys.

Rumford needed just 25 putts as he looks for his first win in more than five years.

“It was great to birdie the last five holes, and I’ve got some fellow Australians up on the leaderboard and that’s adding inspiration,” said Rumford. “And with Adam Scott’s win at the Masters, it seems to have inspired us all.”

Fraser, who won the Ballantine’s in 2010, dropped into a tie with his countryman by bogeying the par-5 18th.

Fraser will try to become the first multiple winner of the tournament which began in 2008.

He let slip a share of the lead with his last-hole bogey after landing on a cart path to send his ball rolling 100 metres further away from the hole.

“I played great today and holed out really well to save par from three or four feet a number of times,” said Fraser. “But it was a pretty ordinary second shot coming in to finish. But there was a lot more good than bad today.

“And Australian golf is flying high at the moment and there’s one person to thank for that, Mr Scott, and that was just an unbelievable week for him and to be the first Australian to win the Masters was something he deserved. There is a lot of guys out here this week inspired by what Adam’s done and it’s also inspired a lot of people back home.”

Fellow Australian Wade Ormsby dropped down the leaderboard after a third-round 74, but remained in contention at four shots off the lead on 211.

Countryman Kieran Pratt is two strokes adrift on 213, one head of compatriot Scott Hend.

World No.7 Louis Oosthuizen remains four shots back after his second straight 71.