FormerlyHemlock
Hero
Here is the official ruling about crossbow expert and the hand crossbow. It does in fact allow you to fire the same hand crossbow up to 5 times per turn (9 with action surge).
http://dnd.wizards.com/articles/features/sageadvice_feats/
As to the combo only being available to high level characters, that simply isn't true. A human can have 18 Dex, crossbow expert, and sharpshooter by level 6. In a game with rolled stats any +2 Dex race can also have that at a relatively low level as well. The greatsword fighter needs great weapon master so at most he can get a 20 in his prime stat two levels earlier than the archer.
For those who don't care about Sage Advice tweets (like me), it's also worth noting that Crossbow Expert has also been changed in alter versions of the PHB and the errata: http://media.wizards.com/2016/downloads/DND/PH-Errata.pdf
The feat no longer calls out the need for a "loaded" crossbow.