Most SMSF investors hold at least one of the big four banks, but for diversification sakes should also hold a mix of small to medium shares in the portfolio too.

The banks Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) appear to have great dividend yields of between 5.4% and 7.3%, but those dividends could be cut in future.

That would not only lead to lower dividend yields, but could also see their share prices sink, resulting in a double hit – particularly to those investors relying on the yield for income.

Here are 5 diversified companies that could have more dependable dividends than the big four banks…

Reef Casino Trust (ASX: RCT)

Reef Casino Trust owns the casino and grounds in Cairns, and is currently paying a dividend yield of 8.2% unfranked at the share price of $3.65. The trust has paid consistent dividends over the past decade, with dividend yield averaging 9.3%. Reef Casino has a market cap of $179 million.

Automotive Holdings Group Ltd (ASX: AHG)

Automotive Holdings owns a diversified array of motor dealerships around Australia and one of the largest refrigerated logistics businesses in Australia. At the current price of $3.78, the company is paying a dividend yield of 5.9%, fully franked. Additionally, the recent selloff means shares are 16% cheaper than they were at the start of the year. Automotive Holdings has a market cap of $1.2 billion.

Mortgage Choice Limited (ASX: MOC)

The mortgage broking and financial planning business is currently paying a fully franked dividend yield of 9.2% fully franked, and has consistently paid strong dividends. Shares also look cheap having fallen from a high of $2.69 suggesting further capital gains ahead. Mortgage Choice has a market cap of $216 million.

Contango Microcap Ltd (ASX: CTN)

The listed investment company is currently sporting a partly-franked dividend yield of 6.8% at the current price of 92.7 cents. Contango has a solid history of beating the market with its investments and paying high yileds, adds instant diversification to any portfolio and appears to be trading at a substantial discount to its net tangible asset backing after tax (The last ASX update on May 4 was $1.065). Contango has a market cap of $151 million.

Dicker Data Ltd (ASX: DDR)

Dicker Data is a founder-led distributor of computer hardware, software and related products. At the current share price of $1.84, Dicker Data is yielding 8.4% fully franked and pays its dividends on a quarterly basis (great for those looking for regular income). Dicker Data has a market cap of around $295 million.

Foolish takeaway

All five companies could be valid inclusions in an income-directed portfolio, thanks to their large and consistent dividend performance over many years.

Want more dividend ideas? Then you need to read this report...

When renowned dividend investing pros like Andrew Page issue buy alerts, it pays to listen. Because investors who followed Andrew's recommendation of Australian Pharmaceuticals in early 2015 could've doubled their money in just over a year, turning $15,000 into over $30,000 by the time he recommended they sell and lock in their profits. Chances are you won't want to miss uncovering the names of Andrew's newest share recommendation and short list of 3 dividend Best Buys Now Shares.

Click here to learn more about these potentially life-changing shares FREE - no credit card required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool writer/analyst Mike King owns shares in Contango Microcap. You can follow Mike on Twitter @TMFKinga

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.