Means all of our past sins are washed away. We start with a clean slate. If we die immediately after being saved, we would go straight to paradise. We don't have to do anything further. We're born again. We become a new creature in Christ. We're now a child of God. We're adopted into His family. As a new creature, we receive the indwelling of the Holy Spirit. All of this happens totally of grace, totally a gift. Nothing that we have to do to merit that. Nothing we can do to merit, even if we were asked to.
Now, to this first stage of salvation can be applied all the popular verses that are quoted so often about being saved by faith, not by works. And they are proper verses.