Thank you for all your help! I am now a proud owner of an Olympus E-M10 with the 12-42 kit lens.
Regarding lenses, I think 12-40 is way beyond my budget so I'd be sticking with the 12-42 for now. However, I will be in Europe for the later half of the year and will probably be doing lots of travelling. Thinking of purchasing an UWA. As of now, it'll either be the Samyang 7.5mm Fisheye or the Olympus 9-18mm. Any other recommendations?
Will probably be postponing the purchase of the Panasonic 20mm f1.7/Olympus 25mm f1.8 to get a UWA since the 12-42 got that focal length covered.
I would recommend Olympus M.Zuiko 7-14mm F2.8 (if budget is not a problem).
Then you would have 7-14mm and 14-42mm covered.
Happy reading!
http://robinwong.blogspot.sg/2015/05/olympus-mzuiko-7-14mm-f28-pro-lens.html