I think the fully franked 6% dividend that Westpac Banking Corp (ASX: WBC) pays makes it one of the better dividend options on the Australian Stock Exchange for investors.

But with a lot of investors already having significant exposure to the banks, in order to maintain a diverse portfolio it may not be suitable for everyone.

For those investors that already have exposure to the banks I would suggest these high-yielding shares instead:

Dicker Data Ltd (ASX: DDR)

The shares of this wholesale distributor of computer hardware, software, and related products have had a stunning year and rocketed a massive 43%. Despite this it still provides investors with a market-beating dividend. The last quarterly dividend the company paid out was 3.85 cents, which annualised would equate to a fully franked 6.5%. Pleasingly a market update released yesterday shows that Dicker Data is on course for full year net profit after tax of $25.5 million. Up 16% on last year’s result.

G8 Education Ltd (ASX: GEM)

Following a disappointing half-year result back in August, the shares of this leading childcare operator came crashing down. Although they have rebounded a touch since then, at the current price they still provide investors with an estimated full year fully franked 7.5% dividend. Like many companies on the ASX, management has advised that it expects a stronger second half. If it delivers on this then G8 Education might prove to be an absolute bargain at today’s price.

Harvey Norman Holdings Limited (ASX: HVN)

This retailer’s shares are changing hands at under 14x estimated FY 2017 earnings according to CommSec, which is a significant discount to rival JB Hi-Fi Limited (ASX: JBH). Although its earnings growth is expected to slow over the next few years, its dividend could be a great source of income for investors. In FY 2017 Harvey Norman shares are forecast to provide investors with a fully franked 6% dividend. This makes it more attractive than JB Hi-Fi right now in my opinion.

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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.