Following a reasonably sharp decline in the Commonwealth Bank of Australia (ASX: CBA) share price since the start of August, the shares of Australia’s largest bank are expected to provide a fantastic fully franked 5.8% dividend in FY 2017 according to CommSec. For such a high quality bank this is a yield that is hard to say no to.

But as great as it is, many investors will already have significant exposure to the banks. In order to maintain a diversified portfolio I would recommend investors look at these great dividend shares instead.

Dicker Data Ltd (ASX: DDR)

Even after rallying 16% in the last 30 days the shares of this founder-led wholesale distributor of computer hardware, software, and related products are still expected to provide investors with a fully franked 7.2% annual dividend paid quarterly. Dicker Data has had a very impressive first half of the year. It recently posted a 24.7% increase in half year net profit after tax to $25.6 million. Whilst this was partly down to a boost in sales from new vendors introduced last year, pleasingly the majority of the lift in sales came organically.

Fantastic Holdings Limited (ASX: FAN)

This leading furniture retailer has posted a bit of a mixed year. Whilst the majority of its business performed incredibly well, unfortunately its Le Cornu brand was a big disappointment. Thankfully Le Cornu is being closed down, which will allow the company to focus on its core brands. Excluding Le Cornu’s loss and closure costs, net profit after tax was up 63% year on year to $21.4 million. The company looks much stronger now and I expect it will prove to be a great investment. Its shares are expected to pay a fully franked 6% dividend in FY 2017. Last year the retailer paid a special dividend and I wouldn’t be surprised to see another one this year if the company’s strong performance continues.

WAM Capital Limited (ASX: WAM)

WAM Capital has an aversion to the banks so there shouldn’t be any danger of indirectly gaining exposure to the big four through an investment in this fund manager. Instead the fund has a tendency to focus on the small to medium-sized companies such as a2 Milk Company Ltd (Australia) (ASX: A2M). This strategy has certainly worked well for WAM Capital. In the last 12 months its investment portfolio has returned a massive 28.3%. Considering its strong performance and history of dividend increases, I expect its shares to provide a fully franked 6.8% dividend in FY 2017.

Finally, if you're looking for even more options then take a look at these three fantastic dividend shares. Each pays a growing fully franked dividend and has the potential to jump higher.

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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.