I assume you are talking about macquarie as they offer an applied finance degree.
Applied Finance Structure:
http://www.handbook.mq.edu.au/2016/DegreesDiplomas/Degree/Bachelor+of+Applied+Finance
Finance Major Structure:
http://handbook.mq.edu.au/2015/Majors/UGMajor/Finance
It can be seen that as the name suggests, applied finance really jumps into practical and applied finance. The finance major under a commerce degree has a few different available units that deal with finance in another perspective, such as "issues in corporate finance" and "advanced corporate finance". The applied finance degree is a lot more substantial if you are going to work in say trading or equities research whereas a finance major is less in depth and allows for you to major in another thing as well to be more well rounded.
As you probably figured, applied finance is a more specialised and more in depth degree regarding finance. A major is only like 8 units, whereas the degree is 23.