This paper presents the electron and hole avalanche multiplication and excess noise characteristics based on bulk AlAs0.56Sb0.44 p-in and n-i-p homojunction diodes lattice matched to InP, with nominal avalanche region thicknesses of 0.6-1.5 µm. From these, the bulk electron and hole impact ionization coefficients (α and β respectively), have been determined over an electric field range of 220-1250 kV/cm for α and from 360-1250 kV/cm for β for the first time. Excess noise characteristics suggest an β/α ratio as low as 0.005 for an avalanche region of 1.5 µm in this material, close to the theoretical minimum and significantly lower than AlInAs, InP, or even silicon. This material can be easily integrated with InGaAs for networking and sensing applications, with modeling suggesting that a sensitivity of-32.1 dBm at a bit-error rate (BER) of 1×10-12 at 10 Gb/s at 1550 nm can be realized. This sensitivity can be improved even further by optimizing the dark currents and by using a lower noise transimpedance amplifier.