Well the reason for my late transfer was mainly because they didn't want any IT students doing the course because the Business faculty is already overenrolled. So they rejected all the students who applied for transfer into this course from the IT faculty, though accepted anyone from the Business faculty who wanted to do this course because they'd mainly be doing IT subjects. The IT faculty is underenrolled, hence they don't mind any extra students. Even though the course belongs to the IT faculty, the above reason was the reason I didn't make it in 2 months ago.
They pretty much only look at your marks from your most recent semester (so semester 2, 2003 for me) and some of your semester 1 marks. So I had a semester 1 average of 73 (C) and a semester 2 average of 86 (HD).
Hope that helps! It depends on the places available as well as your marks, but usually they require at least a credit average (65) with no failures.