At this point in time Australia’s big four banks are providing investors with some of the biggest dividend yields on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).

The shares of Westpac Banking Corp (ASX: WBC) for instance are expected to provide investors with an estimated fully franked 6.2% dividend in FY 2017, according to CommSec. Whilst this yield is truly fantastic, a lot of investors will already have significant exposure to the banks.

So for those investors that can’t invest in the banks right now, here are three high-yield shares which could be worth consideration.

Cedar Woods Properties Limited (ASX: CWP)

I believe Cedar Woods Properties could be one of the biggest bargains on the ASX. The company recently reaffirmed its full year net profit after tax guidance of $43 million, meaning its shares are changing hands at just 8x estimated full year earnings. After seven consecutive years of dividend growth the company is expected to pay a fully franked 6.3% dividend this year. This week the company announced two more housing developments in South Australia. This further backs up its positive outlook for FY 2017, which includes $130 million in pre-sales and a growing pipeline of development projects.

FlexiGroup Limited (ASX: FXL)

It has been a difficult year for shareholders of the leading finance and leasing company. Despite a recent rally in its share price, it is still down by around 35% so far in 2016. The decline came due to slowing earnings growth, changes to senior management, and the write-down of underperforming assets. But with all this out of the way I feel we can begin to concentrate on the positives. Although FY 2017 is expected to be a year of transition, management has stated that Flexigroup will return to double-digit cash profit growth from FY 2018. This could make an investment today a very rewarding one, especially with an estimated fully franked 7.6% dividend in FY 2017.

G8 Education Ltd (ASX: GEM)

G8 Education is expected to pay an estimated fully franked 6.5% dividend in FY 2016. The expected 25.5 cents dividend would be the seventh consecutive year of dividend increases and a trend I feel could continue for some time thanks to the growth potential that lies ahead. Presently the childcare operator owns 471 centres in Australia and 18 centres in Singapore, but management estimates there to be an addressable market of up to 4,000 centres. A great long-term investment in my opinion.

Finally, if you're still looking for even more dividend ideas then I would recommend taking a look at these new breed blue chip shares. Each pays a solid growing fully franked dividend and could climb higher in the months ahead in my opinion.

Discover the 'new breed' of blue chips that could take your portfolio higher in 2016

Forget BHP and Woolworths. These 3 "new breed" top blue chips for 2016 pay fully franked dividends and offer the very real prospect of significant capital appreciation. Click here to learn more.

The report is 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 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.