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Hello Ashwin,
The basic difference between MIT-SOB and MIT-SOM & MIT-SOT is that, MIT-SOB has a case based pedagogy which is adopted from Harvard Business School which also includes conceptual style studying and not contextual studies. Also placements at MIT-SOB is better then the other two.
Attendance at MITSOB should be more than 90% which is mandatory. In case of MITSOM & MITSOT i guess it is not that much of a compulsion but every college changes thier policies and regulation every few years so cannot be sure.
But overall, i will say MIT-SOB is better as students get adopted to certain habits suchbas professionalism, punctuality and hard work.

Dear Mandeep, as such there is no direct entry in Bachelors degree in Australia. Since you have done Diploma in Mechanical Engineering, you can look for second year Entry of Bachelors degree in Mechanical Engineering, but it totally depends on university discretion to give admission to 2nd year or not. However, you can go in for bachelors after clearing IELTS. For admission to Bachelors degree, you need to clear IELTS examination with minimum score of 6.0 to 6.5 bands and then need to fill application form of the concern university(Form can be down loaded from University website),along with that you need to submit all academics,2 Recommendation letters from teacher/lecturer& Statement of Purpose(SOP) & need to submit it to International office of concern University. University will offer you acceptance letter & then with the acceptance letter & other financial documents, passport etc you can apply for Study visa. For a list of colleges offering the course in Australia check this link: http://tinyurl.com/yk4zvjx. Revert for any further assistance. Good luck.