I am using jQuery and surprisingly this seems to load as I just tested and loaded a heavy page and I didn't get the alert for a few seconds until I saw the iframe load:
$('#the_iframe').load(function(){
alert('loaded!');
});
So if you don't want to use jQuery take a look at their source code and see if this function behaves differently with iframe DOM elements, I will look at it myself later as I am interested and post here. Also I only tested in the latest chrome.