In the end I based my uni selection on the quality of the course and individual subjects. Melbourne uni is much more convenient for me to get to, but in comparison Monash is much better for my course. Firstly Monash has the double degrees, and I really wanted to do science so I could do more maths and chemistry plus be able to do Chemical Engineering as well. Monash also doesn't have compulsory breadth subjects which was a big factor into my decision. If you're going to go to UoM, would you be okay doing 4 breadth subjects or would you rather those be science or engineering subjects?
UoM also doesn't have Aerospace engineering. If that is your preferred area of engineering, then do the Monash course, and if you don't like it, you can go straight into other streams such as electrical or mechanical. The common year at UoM is all bull. You only do 2 engineering subjects in 1st year whilst at Monash you do 4-5 engineering subjects which specialise in all different areas of engineering.
Thing with UoM's "Masters" degree is that the subjects are identical to their single bachelor's degree and thus it isn't actually a Masters degree. That way you just end up wasting an extra year studying for no reason at all. At least with Monash, by the end of the 5 years you'll have 2 actual degrees.
As with location, it takes me anywhere from 30 to 60 minutes to get to Monash each day. A lot of people ask me why I do it, and I tell them it's worth it for my course. Plus you just get used to it over time and the long drive stops worrying you especially when you find good radio stations to listen to.