Simply refers to the general redemption of Christ making possible the next step justificationActually, it is not past tense.
Forby grace • you have been saved through faith γὰρ→ τῇ χάριτί ἐστε → → → σεσωσμένοι διὰ τῆς πίστεως CLX DDSF NDSF VPAI2P VRPP-PNM P DGSF NGSF
The New King James Version (Eph 2:8). (1982). Thomas Nelson.
Notice the word "ἐστε" is a verb (V) in the present tense (P), active voice (A), indicative mood (I), second person (2), and plural number (P). The word is a form of "be", and translated it means, "you (pl) are". In the South, we'd say "Y'all are". This is the main verb in the phrase (and in the sentence).
The supporting verb, "σεσωσμένοι", is actually a Greek participle which has characteristics of a verb and an adjective. Declined, it is a verb (V), perfect tense (R), passive voice (P), participle (P), plural number (P), nominative case (N), and masculine gender (M). Having perfect tense and being a participle, it reflects completed action that has abiding results in the present, with the emphasis on the resulting state of being. As an adjective in the nominative case, it indicates the subject of the sentence. The word means, therefore, "the ones who have been and are currently saved". In other words, their salvation occured in the past and they stand saved.
So, the nuances of this phrase can be best understood as, "For by grace you are (at this very moment) those who have been saved (and stand saved) through faith". The wording indicates salvation happened, was complete, and the results stand. It does not indicate a process that is ongoing. The same is true for the sentence which preceeds the one in question:
4 But God, who is rich in mercy, because of His great love with which He loved us, 5 even when we were dead in trespasses, made us alive together with Christ (by grace you have been saved), 6 and raised us up together, and made us sit together in the heavenly places in Christ Jesus, 7 that in the ages to come He might show the exceeding riches of His grace in His kindness toward us in Christ Jesus. (Eph 2:4–7).
He made those of us who have been saved and stand saved (perfect passive participle) alive together with Christ (simple action in past time), raised us up together with Christ (simple action in past time), and made us sit together with Christ (simple action in past time) so that in the future He might make show (simple action in past time) to all creation just how good and kind of a God He is in His sacrifice of His Son for our sins. In other words, we have been saved, we stand saved, and in the future we will be an object lesson for all creation to observe just how good a God He is.
But it cannot refer to the Protestant concept of salvation by faith alone, (((not of yourselves)))
Thanks
A short catechism!
Jn 3:16 ((believe in Christ))
Mk 16:16 Jn 3:5 1 cor 16:13 gal 3:27 ((union with Christ by faith & baptism))
Jn 15:4 ((we must abide in Christ))
1 cor 13:2 (( charity & not by faith alone))
Phil 1:29 ((suffering not by faith alone))
Matt 25 Jn 15:5 phil 4:13 ((grace vivifies our works to be meritorious and salutary))
Matt 24:13 ((endure to the end to be saved))
Jn 5:29 ((good unto life & evil unto death))
Romans 8:17 2 Tim 2:12 ((glorified with Christ if we suffer with Him))
Rom 2:6 Rev 2: 19 ((reward for good works done in no no Christ & grace))