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3 fantastic growth shares to buy right now

Looking for a 56% fully franked dividend yield?

I can tell you’ve already guessed that I haven’t got one tucked up my sleeve, but in 20 years you just might create one of your own by investing in the right companies today.

As Motley Fool general manager Bruce Jackson points out in this article, the real magic of growth is to deliver ever-increasing dividends that are slowly worth more and more of the price you paid for a company.

While Bruce looks to have done pretty well out of Woolworths Limited (ASX: WOW), you and I need to start looking at strong contenders for next decade’s dividend marvels.

Here are three of the better contenders:

Mortgage Choice Limited (ASX: MOC)

As I outlined in this article, there’s plenty of growth ahead for Mortgage Choice shareholders despite the company recording its best cash result ever this year.

Over the next two years the company will complete its transition to a full-range financial services provider (and rebrand itself accordingly), invest in continued staff development, and commence ‘Project One’, a web-based Customer Relations Management program for use by franchisees.

Although requiring heavy capital outlay of $7.5 million over two years, this platform is going to be key to Mortgage Choice’s evolution going forwards and should simplify the task of tailoring products to consumers and also increase the ease of cross-selling.

If you’re still not convinced, the company already pays a dividend of 6% (fully franked) at today’s prices.

Yellow Brick Road Holdings Ltd (ASX: YBR) is an emerging non-bank lender and full-range financial services provider just like Mortgage Choice.

In addition to home loans the company offers financial planning, family trusts, super, tax & accounting, term deposits, and wealth management services.

Although still unprofitable, its latest report showed revenue rising by 27% and the underlying EBITDA loss improving by 12% to $5.139m (up from $5.817m loss in FY13).

Yellow Brick Road could be a reasonable investment given some huge developments during the previous year, a share buyback, strong interest from major shareholders and the likelihood of the company becoming profitable either this or next financial year.

Vocus Communications Limited (ASX: VOC) is a more conventional investment with its major telecommunications, data businesses, and record of acquisitions proving to be a virtual gold mine for investors over the past five years.

Up 1,619% in that time, investors might think that Vocus is at the end of its run, but that’s simply not the case.

As the latest results indicate Vocus continues to perform strongly, and the recently proposed merger with Amcom Telecommunications Limited (ASX: AMM) could create a $1 billion dollar tech powerhouse.

While investors might be put off by the meagre 0.4% dividend (fully franked!), Vocus is also gradually working to improve its cash flows which should lead to gradually rising payments in the future.

Together these three companies provide a wide variety of ways to invest in the market, with Mortgage Choice providing solid growth and great dividends, Yellow Brick Road offering a more speculative finance investment, and Vocus a low-yield, high-growth option.

Any discussion of growth shares is incomplete without mentioning The Motley Fool’s Top Stock for 2015…

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Motley Fool contributor Sean O'Neill owns shares in Yellow Brick Road.

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