According to interbank cash rate futures, there is a good chance that the Reserve Bank of Australia is going to to cut its cash rate to 1.75% at its next meeting.

Should Governor Glenn Stevens decide to do this at the meeting on 3 May, then it will take interest rates down to a new historic low. But that may not be the historic low for long, with some economists expecting a further cut in rates to 1.5% before the end of the year.

With such low rates I believe it makes dividend shares all the more attractive for investors. For this reason I have picked out three dividend shares that I think income investors should buy right now.

AIR N.Z. FPO NZ (ASX: AIZ)

According to CommSec, analysts are expecting Air New Zealand to be very generous to shareholders in the next couple of years. The FY 2016 full year dividend is expect to be 28 cents per share, which works out to be a yield of around 10%. Better yet is the fact that it is expected to grow to 31.8 cents per share in FY 2017. As Qantas Airways Limited (ASX: QAN) doesn’t pay a dividend, this could be a great pick for income investors looking for exposure to a booming airline industry.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

Like many banks, Bendigo and Adelaide Bank has posted an incredibly rocky year. So much so it has lost almost a third of its value. Because of this in FY 2016 it is now estimated to pay a fully franked dividend with a yield of 8%. I also see a lot of upside ahead for the share price when its advanced accreditation from APRA is approved. This will allow it to loan out significantly more on the same level of capital it holds currently. I believe this could prove to be a big boost to its earnings.

IOOF Holdings Limited (ASX: IFL)

This financial services provider has always been a good dividend payer. In fact, in the last 10 years it has grown its dividend by an average of 7.8% per year. This trend looks likely to continue in the current fiscal year, with analysts expecting the company to pay a fully franked dividend with a yield of 6.8%. IOOF Holdings’ business does look to be in good shape. It reported a jump in underlying net profit after tax by 18% to $95.4 million in its recent interim results.

Finally, these three incredible dividend shares have just been picked out by the Motley Fool’s dividend guru.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.