Westpac Banking Corp (ASX: WBC) remains one of the most popular ASX dividend shares on the market.
It isn't hard to see why. The bank has a long history of paying fully franked dividends and remains a household name with a large customer base.
But popularity is not the same as value. After a strong run in the banking sector, Westpac shares may not offer the same margin of safety they once did.
There are also concerns about tough trading conditions across the sector, particularly with the economic outlook still uncertain.
If credit growth slows, bad debts rise, or margins come under pressure, bank earnings could face headwinds.
With that in mind, income investors may want to look beyond the major banks. Here are two ASX dividend shares that could be better options.
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Charter Hall Long WALE REIT (ASX: CLW)
The first ASX dividend share that could be worth considering is the Charter Hall Long WALE REIT.
It is a real estate investment trust that owns a diversified portfolio of properties leased to corporate and government tenants. Its focus is on long weighted average lease expiries (WALEs), which can provide greater visibility over future rental income.
While many property stocks are sensitive to interest rates and asset values, long leases can help support a more predictable distribution profile.
The trust has exposure to assets across sectors such as office, industrial, logistics, and social infrastructure. This gives it a different income base from the major banks, whose earnings are tied closely to lending conditions and the economic cycle.
It is guiding to a 25.5 cents per share dividend in FY 2026. Based on its current share price of $3.50, this represents a 7.3% dividend yield.
Jumbo Interactive Ltd (ASX: JIN)
Jumbo Interactive is another ASX dividend share that could be a buy.
It operates in the digital lotteries market, providing online lottery retailing and software services. This gives it exposure to a sector that can be relatively resilient compared with many discretionary categories.
Jumbo has also built a strong digital platform, which is important as lottery participation continues to move online. Its software and managed services operations provide additional growth avenues beyond its retail lottery business.
Lottery ticket sales can move around, and jackpot activity can influence performance. But Jumbo offers something different from bank dividends: a capital-light digital business with income potential and room to grow.
Analysts at Bell Potter are expecting Jumbo to pay fully franked dividends per share of 44 cents in FY 2026 and then 52 cents in FY 2027. Based on its current share price of $7.50, this would mean dividend yields of 5.9% and 6.9%, respectively.
