@fritz First things first. Make sure you are eligible. Dapat graduate ka ng engineering course from UP within 2 years prior to lodging the application. Kailan ka ba nag-graduate?
Your initial step is to take the IELTS. You only need at least 6 in all the test modules to qualify for Visa 476. But if you're planning to push through with PR in the future, better get at least 7 or at least 8 in all modules.
Initial documents you need to prepare include TOR, Diploma, English translation ng diploma, birth certificate, and the IELTS results form.
Here's my cost estimate :
IELTS : 9,000 PhP
Visa App Fee : 315$ (approx 15000PhP)
Medical : 6,500PhP
Clearance : 500PhP
Miscellaneous : 5,000PhP
Air Fare : 15,000 PhP
PhP 57,000 pre-departure expenses
Back read ka lang masasagot almost all of your questions. =)