Uploading a minor new build must wait for review every time? I just fixed a few bugs and minor things after the initial version of an application was released into the app store. I've uploaded the binary to iTunesConnect but I see nowhere to change over the build version. Is it correct that every time a new version/build(1.0.1 -> 1.0.2) is uploaded it has to go through review?
Yes.  Apple requires that every new build, regardless of how small, go thru the App Review processes.  If you have a bad bug and need to get a fix out there quickly, you can request an expedited review.