3 high-yielding growth stocks to buy today!

Why just settle for a good dividend yield?

a woman

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Many analysts have predicted that earnings growth will be the key driver behind the Aussie stock market in 2014 and beyond, as economies around the globe continue their recovery from the GFC and the US Federal Reserve looks to continue tapering its bond-buying stimulus program.

To capitalise on this, investors should turn their attention away from the blue-chip stocks that drove the S&P/ASX 200 (Index: ^AJO) (ASX: XJO) and focus instead on companies that boast enormous growth potential. After all, while companies such as Woolworths Limited (ASX: WOW) and Commonwealth Bank of Australia (ASX: CBA) might be great businesses, they certainly have limited room for expansion given their size.

However, given Australia's current low interest-rate environment, many investors understandably also want exposure to high dividend yields – one of the major factors that attracted so many towards the banks last year!

The good news is, investors can have the best of both worlds. There are plenty of Aussie growth stocks that pay fantastic dividends – you just have to know where to find them! Here are three for you to consider today:

M2 Telecommunications Group Limited (ASX: MTU) The company has grown impressively through acquisitions in recent times, having added businesses such as Dodo and Primus to its collection. The business now looks set to pay off its debts and grow organically. Its shares are currently trading at $6.20 and offer a very generous dividend yield of 3.7% with plenty of room for the share price to climb! This could be an excellent way for investors to gain exposure to Australia's booming telecommunications industry.

Mortgage Choice Limited (ASX: MOC): Given the low interest-rate environment, the housing sector is booming and Mortgage Choice is in a prime position to capitalise. Customers looking to buy homes go to companies such as Mortgage Choice to get help finding the product that best suits their needs. While it reported less than satisfactory results in its most recent yearly report, the company put this down to "an extended period of dampened consumer and business confidence". However, it should bounce back strongly. Mortgage Choice currently boasts a market capitalisation of $359 million. At $2.91 a share it offers a trailing fully franked dividend yield of 4.7%.

1300 Smiles Limited (ASX: ONT): The company runs dental practices and employs dentists as paid staff as opposed to the dentist acting as an owner-operator, this saves the dentists the worries of running their own businesses. The company has had an impressive run over the last five or so years, but given that it currently only operates in Adelaide and areas of Queensland, there is plenty of room to grow! Its 2.9% fully franked dividend is something extra for shareholders to smile about.

Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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