A new volume integral equation (VIE) approach is introduced to study transcranial magnetic stimulation (TMS) and highcontrast media at low frequencies. This new integral equation offers a simple solution to the high-contrast breakdown observed in low-frequency electric field (E-field) dosimetry of conductive media. Specifically, we employ appropriate approximations that are valid for low frequencies and stabilize the VIE by introducing a basis expansion set that removes solutions associated with high eigenvalues in the equation. The new equation is devoid of high-contrast breakdown and does not require the use of auxiliary surface variables or projectors, providing a straightforward practical solution for the VIE analysis of TMS. Our results indicate that the novel VIE formulation matches boundary element, finite element, and analytical solutions. This new VIE represents a first step towards including anisotropy in integral equation E-field dosimetry for brain stimulation.