How does an equity home loan affect repayments?

Just hoping someone can provide some more information on equity home loans. I currently have around $170,000 equity in my home and am looking at using this to purchase an investment property. How does an equity loan work in regards to repayments? I am assuming it is different to the repayments for a standard home loan (ie. having to pay a set amount on a set date each month). If anyone can help it would be much appreciated!