ISB ~ Ephesians 2 v8

grace:The biblical term for (1) God’s favor and (2) God’s supernatural life. The former designates the conditions of its bestowal (a free and undeserved gift, Rom 6:23), and the latter designates the content of the gift we receive (a share in the divine nature, 2 Pet 1:4) (CCC 1996-2003).

have been saved:Salvation is here described as a present state resulting from a past action. The preceding context indicates that deliverance from sin and spiritual death is in view (2:1-3). That salvation is not thereby assured but is also a future hope; see note on Rom 5:10.

through faith:Faith is instrumental in saving us and uniting us with Christ. In the context of conversion, salvation is conferred through the instrument of Baptism (1 Pet 3:21), and salvation is received through the instrument of faith (Rom 3:2425). For Paul, belief in Jesus Christ is a divine gift (Phil 1:29) that we exercise when we adhere to God with trust (personal aspect) and assent to the truth he has revealed in the gospel (propositional aspect) (CCC 177).