I have a question about the alliance banner home decorations. I have purchased multiple covenant banners for my home at the Northern High Rock gate, though I also wish to obtain dominion and Pact banners as well. Is this possible?
So to get these banners, I have to create new characters and level them up?
Yep.
I've done it myself (although I already had alts in each alliance). I found it wasn't so bad to just zerg-surf even though they were far from optimized characters. It does depend on which specific banners you want, since that'll determine how far you have to go with them. I was only aiming for the really big banners you get at around AR 9, so it didn't take me too long (and I got their pvp skills maxed out at the same time).