For by grace you have been saved through faith; and that not of yourselves, it is the gift of God, not as a result of works, that no one should boast.
J. Vernon McGee comments: “Paul is not talking about faith when he says, ‘And that not of yourselves.’ He is talking about salvation. Salvation is a gift that eliminates boasting. It is all of God and not of us. It is God’s gift.” (Thru the Bible commentary series: Ephesians, p.80, emphasis mine)
The gift is not faith. Faith comes from hearing the Gospel: “So faith comes from hearing, and hearing by the word of Christ.” (Romans 10:17) The gift is Jesus. According to John 3:16, God gave His only begotten Son. He is the gift.
The contrast is between faith vs. the works of the Law. The Jews supposed that they could earn salvation through keeping the Law, but Paul is saying that salvation cannot be earned because the Law cannot be kept. That’s the bad news. But the good news is that God holds out salvation as a free gift through faith. That’s grace. That’s the mercy of God, because otherwise, no one could be saved. We are fallen and depraved creatures, and cannot keep the Law to perfection, as a holy God demands, but thank God that He has been so gracious as to provide another way, a way in which we could, in fact, become holy and blameless before God, which is through the shed blood of His own dear Son on the cross of Calvary, so that through Him, salvation is held out as a free gift, which is received by trusting in Him. Nowhere is this passage teaching that faith is the gift. The subject is salvation, and the gift of salvation is received through faith. But none of that matters, because today’s Calvinist needs a proof-text for Calvinism, and hence, “faith is the gift.” Keep in mind, however, that yesterday’s Calvinist did not teach the same thing at Ephesians 2:8:
Apparently, John Calvin agrees: “…if we bring nothing but faith, which strips us of all praise, it follows that salvation is not of us.” (Calvin’s New Testament Commentaries: Galatians, Ephesians, Philippians and Colossians, p.144, emphasis mine)
Next, believe it or not, Calvin will explain how a grace-alone salvation is a faith-alone salvation:
Calvin explains: “Now it may be asked how men receive the salvation offered to them by the hand of God? I reply, by faith. Hence he concludes that here is nothing of our own. If, on the part of God, it is grace alone, and if we bring nothing but faith, which strips us of all praise, it follows that salvation is not of us. … When, on man’s side, he places the only way of receiving salvation in faith alone, he rejects all other means on which men are accustomed to rely. Faith, then, brings a man empty to God, that he may be filled with the blessings of Christ.” (Calvin’s New Testament Commentaries: Galatians, Ephesians, Philippians and Colossians, p.144, emphasis mine)
Calvin adds: “It is the gift of God. Instead of what he had said, that their salvation is of grace, he now affirms that it is the gift of God. Instead of what he had said, ‘Not of yourselves,’ he now says, Not of works. Hence we see that he leaves nothing to men in procuring salvation. For in these three phrases, he embraces the substance of his long argument in the Epistles to the Romans and to the Galatians, that righteousness comes to us from the mercy of God alone, is offered to us in Christ and by the Gospel, and is received by faith alone, without the merit of works.” (Calvin’s New Testament Commentaries: Galatians, Ephesians, Philippians and Colossians, p.144, emphasis mine)
Calvin acknowledges that faith is non-meritorious and Calvinists should take notice. Secondly, he affirms that God’s mercy is an offer, and founds such mercy in Christ, where it truly does originate.