With the Australian sharemarket producing an average dividend yield of 4.8% at present, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is blessed with a multitude of excellent dividend shares to choose from.

I believe the following three shares are great options for income investors, each providing a growing dividend which beats the market average by some distance.

Fantastic Holdings Limited (ASX: FAN)

I spoke about Fantastic Holdings a couple of weeks ago when the shares were at $1.84. Since then the share price has had a rapid climb to $2.14. But despite this 16% gain, I still feel there is a great dividend to be found here.

After a successful first half the company announced a 7 cent interim dividend. I believe the housing industry is very favourable for furniture retailers and expect a strong second half of the year. This should allow the company to payout at least another 7 cents for the final dividend. Making a full year dividend of 14 cents, which I expect to yield a fully franked 6.5%.

IOOF Holdings Limited (ASX: IFL)

IOOF Holdings is financial services company which provides investment and advice platforms to consumers and advisers. Its shares also yield a fully franked 6.5% dividend. This dividend has grown for four consecutive years and is expected by analysts to grow at 4.8% per year through to 2018.

Asides from the great dividend, the shares could be classed as being on the cheap side at the moment. Trading at an estimated forward price-to-earnings ratio of 13.2, they are looking good value when compared to its competitor BT Investment Management Ltd (ASX: BTT), which trades at 16.3 times estimated forward earnings.

Suncorp Group Ltd (ASX: SUN)

Banking and insurance giant Suncorp is another share which I believe is worthy of consideration by income investors. The company behind insurance brands such as AAMI, Apia, and GIO, pays a fully franked dividend yield of 6.5%.

It recently announced a new operating model which aims to create higher levels of customer satisfaction by allowing its customers to manage their financial journey seamlessly across its channels and brands. As well as simplifying things, it should also deliver cost efficiencies which enhance the company’s profitability in the future.

With analysts expecting the company to grow its earnings and dividend strongly over the next few years, I feel that now could be an opportune time to invest and benefit from this market-beating dividend.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.