for by grace have ye been saved through faith; and that not of yourselves, it is the gift of God;
This is actual spiritual salvation, not mere promise or potential state; Christ obtained it, the Spirit applied it, and you possess it even now in faith. Salvation belongs only to particular persons and is entirely owing to God's free favour in all its branches, election, redemption, justification, pardon, adoption, regeneration, and eternal glory.
AI summary
Your complete salvation, from first to last, depends on God's free grace in Christ and nothing in yourselves; works are effects, not causes, of that grace. Faith is the gift of God as necessary as Christ Himself, for as sin has put vanity into all creatures, so unbelief makes Christ profit you nothing.
AI summary
God's great love is the fountain; His rich mercy flows from it. We contribute nothing, no works, no merit, no boasting. Every converted sinner is a saved sinner, brought into this state by grace alone through faith in Christ, and so all glory belongs to the Lord.
AI summary
Commenting on Ephesians 2:4-10