Carballo, tied for the lead after the second round, had 9-under 207 total for three rounds on the Peter Thomson-designed Moonah Links layout.
Australias Richie Gallichan was second after a 70 in the event sanctioned by the Australasian and Nationwide tours. New Zealands David Smail (71) and Australias veteran Peter OMalley (72) were three strokes back at 6 under.
The best round of the day was a 68 by Craig Spence of Australia, which left him tied for ninth, five strokes off the lead. Australias Michael Sim, tied for the lead entering the round, also was 4 under after a 76.
Carballo said his switch to a longer putter in November was paying dividends.
Its all in the putting, he said through an interpreter. I didnt putt as well as I wanted to last year and if you cant putt well, you cant compete as well.
Ive got a longer putter now and I grip it differently and it just feels comfortable.