The 37-year-old comfortably carded his best round of a year which has seen him miss the cut in five of 11 European tour events.
There was a strong finish from a number of the late starters on Thursday, chasing the clubhouse lead of six under set by Frenchman Julien Guerrier, Scotland's Grant Forrest and Swede Jens Dantorp.
However, none was better than that of Waring, who is attached to Bromborough Golf Club on the Wirral just 30 miles away, as he covered the back nine in 30, having turned at three under.
He finished eagle-birdie, holing out from a greenside bunker at the par-five 17th.
It was good enough to give him a two-shot lead, with two other Englishmen enjoying their late starts as Garrick Porteous signed for a seven-under while Richard Mansell dropped into the group on six under after a bogey at the last.
"I started nicely, controlled my ball pretty well all day," said Waring in his post-round interview.
"It's funny, I'd felt like I've been playing nicely over the last few weeks and months, just not having any results so to actually put it all together for a round of golf, I'm absolutely made up.
"It's nice having all the support from everyone."
None of the Australian starters were able to break par but Scott Hend, Blake Windred and Jarryd Felton all finished even par with 72s.
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