is the alpine way suitable for caravans

Short answer: no, not really. The Alpine Way between Thredbo and Khancoban is steep, narrow, and winding, with signage advising it’s not suitable for caravans—more white-knuckle than holiday serenity. In winter you can add snow and ice to the fun, and chains may be required for 2WDs, which your van will absolutely love (it won’t). Safer alternatives include the Snowy Mountains Highway via Cooma/Adaminaby or approaching Khancoban via Corryong and the Murray Valley corridor. If you’re towing a big rig, give the brakes—and your nerves—a break and take the long way round. Check Live Traffic NSW and park rules before you set off, then enjoy a cuppa with your dignity intact.