I don't know the exact requirements but I have heard it is at least 1000hrs and I think they want 737+. I guess recruiting can afford to be choosy for a while as they haven't recruited pax FOs since 96. I don't know your personal circumstances but if it was me I would take the SO position...DOJ is all important. You can always commute(especially to OZ) in the early years and wait for your upgrade to bring family up.
Anyway, good luck