Hi @hamdcam,
Thank you for your question and welcome to the Bunnings Workshop community, it is fantastic to have you with us.
The best approach, like you already seem aware of, is to fill the two outside holes with Builders Bog, allow it to dry then redrill the holes and reinstall the hinge.
Builders bog is extremely strong and will fix to the chipboard easily. I have actually done this exact repair in my own home, and it has been holding strong for the last few years with no issues.
Let me know what you think and if you have any further questions, please don't hesitate to ask.
Jacob
