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McGowan, whose best previous result on the Tour was fifth at the Alfred Dunhill Championship in 2007, fired seven birdies at The Vines Resort and Country Club.
BBC: English pair share lead in Perth
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Two players have shot a 62 on the Old Course - Curtis Strange during the old Alfred Dunhill Cup in 1987 and Brian Davis in the Dunhill Links Championship in 2003.
BBC: The Open 2010: Rory McIlroy delighted with record round
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Schwartzel, the Joburg champion in 2010 and 2011, is looking for his third successive title after December victories at the Asian Tour's Thailand Open and the co-sanctioned Alfred Dunhill Championship held in Malalane near Kruger National Park.
CNN: Fisher fighting nerves at Joburg Open