Ephesians 2:4

But God, being rich in mercy, for his great love wherewith he loved us, even when we were dead through our trespasses, made us alive together with Christ (by grace have ye been saved).

Dead through our trespasses ... "This describes the existing state from which we were made alive with Christ."[15] The same thought is in Romans 5:10 where our being enemies was the existing state from which we were reconciled to God.

By grace have ye been saved ... In this Paul referred to salvation from past sins and induction into the kingdom of Christ. The apostle Peter mentioned this as salvation from one's "old sins" (2 Peter 1:9). As Lipscomb said:

We are already saved from our past sins, but we must continue faithful to the end; for the Saviour says, "Be thou faithful unto death, and I will give thee the crown of life" (Revelation 2:10).[16]

Paul's reference to salvation in the past perfect tense as something done and accomplished already has no reference to final destiny but to the primary obedience that makes a true child of God. See under Ephesians 2:8.

[15] F. F. Bruce, Answers to Questions (Grand Rapids, Michigan: Zondervan Publishing House, 1972), p. 104.

[16] David Lipscomb, op. cit., p. 42.