Where I'd invest $7,000 in ASX dividend stocks right now

With an extra $7,000 to invest, I'd buy both of these ASX 200 dividend gems today.

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Looking for some welcome extra passive income from ASX dividend stocks?

Well then, you really are living in the lucky country.

The ASX offers a range of high-quality dividend stocks you may wish to add to your portfolio.

And unlike many international exchanges, like stock markets in the United States, many ASX-listed companies pay franked dividends. That can come in quite handy when it comes time to pay the ATO its pound of flesh each year.

If I had a spare $7,000 to invest right now, I'd lean towards buying larger companies listed on the S&P/ASX 200 Index (ASX: XJO). ASX 200 dividend stocks tend to have less volatile share price moves than their smaller peers. And many have lengthy track records of delivering reliable passive income to their shareholders.

I'd also prefer companies that pay franking credits. And I'd aim to invest in ASX dividend stocks that I believe will grow their payouts over the time they're in my portfolio without sacrificing share price growth.

With $7,000 to invest, I'd likely only buy two stocks right now to get a decent exposure without burning too much on brokerage fees.

You'll notice both these companies operate in distinctly different sectors. Over time, I'd look to build up my income portfolio to 10 or so stocks for some proper diversification.

With that said…

Two ASX dividend stocks I'd buy now for passive income

The first ASX dividend stock I'd buy for passive income now is ASX 200 bank stock Australia and New Zealand Banking Group Ltd (ASX: ANZ).

ANZ reported its half-year results on Tuesday.

The big four bank's cash profit was down 1.0% year on year to $3.55 billion. However, management pleased shareholders by raising the interim dividend by 2.5%. That came in at 83 cents per share, franked at 65%.

The good news is there's still time to grab that payout. Though not much!

ANZ shares will trade ex-dividend on Monday. Meaning if I want to bank that passive income, I'd need to own shares at market close today. I can then expect to be paid on 1 July.

Atop the interim dividend, ANZ paid a partly franked final dividend of 94 cents per share on 22 December.

This equates to a full-year payout of $1.77 per share.

At yesterday's closing price of $28.79, that works out to a yield (partly trailing, partly pending) of 6.15%.

Which brings us to the second ASX dividend stock I'd buy now with my spare $7,000, ASX 200 oil and gas stock Woodside Energy Group Ltd (ASX: WDS).

Woodside's dividends have come down over the past 12 months amid lower energy prices. The company was also struggling with regulatory approvals for its massive offshore Scarborough Energy Project.

But Scarborough is now proceeding to plan again, and the oil price is firming up.

The outlook for share price and income growth from this ASX dividend stock also improved yesterday. That followed Federal Resources Minister Madeleine King's strong support for the long-term role of Australian gas in providing jobs and energy and helping the nation and its trading partners through the global energy transition.

As for the past 12 months, Woodside paid an interim dividend of $1.243 per share on 28 September and a final dividend of 91.7 cents per share on 4 April, both fully franked.

At yesterday's closing price of $28.10, this ASX dividend stock trades on a fully franked trailing yield of 7.69%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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