Definitely should be possible, i cant think of a reason why it wouldn't be. As you come from a non-GO8 (Group of

university, it will be a little more complex but it's doable. Within the GO8 theres an agreement all your previous subjects at other GO8 univesities will be recognised, i don't know (not saying yes or no, i literally just don't know) if all your subjects will be recognised in the event you transfer. You may have to do a limited number of subjects again but in the long run thats no big deal.
The general rule for transferring into undergraduate degrees at monash is about ~70-75%. Since you are coming from another university and not just simply moving around inside Monash, it's likely it'd be closer towards the upper end of that range i gave you. In the end it is all based on supply or demand and it will be as high as it dictates (or the university makes it be) but all in all aim for at least that number.
IF you transfer mid-semester, they take into account your ATAR. If your ATAR was fairly low compared to what Monash engineering needed, this may harm your mid-year application. End of year applications have little weight on the ATAR and much more on your uni marks. Either way, try both options (if available) and definitely contact Monash and ask.