Pursuing MBA - Advice from Seniors

Hi All, I have been a long time to this forum, for about 3 years now. It is that time in my career where I want to pursue my MBA. Quick background on myself - EE Engineer with 5 years experience in the Telecoms domain. Core skills of J2EE, Sys…

Hi All,
I have been a long time to this forum, for about 3 years now. It is that time in my career where I want to pursue my MBA.
Quick background on myself - EE Engineer with 5 years experience in the Telecoms domain. Core skills of J2EE, Systems Analysis and Project coordination. Currently in the UK since 3 years. And yes, I am married for 2 years now.

My request for advice and suggestions from the experienced boarders out here is for the below
1. I plan to do my MBA. With 5 years experience, good IELTS/TOEFL score and NO GMAT exam score, what are my options?
2. Financing my studies is not a problem. Of course I cannot chose Oxford as its really expensive
3. Since I am in the UK, should I do my MBA here or Australia is my other destination, so is it wise? I do not mind settling in Australia
4. Does anyone know that if I do my MBA in UK, and in total complete 5 years of stay in UK, am I eligible for my UK PR?

Finally in general what would your suggestion be to a guy with 5 years experience, living in the UK with a fab job eager to pursue the MBA degree do. I have my wife, no kids and so need honest advice. It's now time for me to go for that degree

Thanks to one n all in advance
Ken