Peter is writing to Jews who were already consecrated Christians. Since they knew about Jesus’ resurrection before Peter wrote this epistle, he is writing to give them a continual reminder about their being begotten again to a living hope. When arguments are mixed and Peter’s words are paraphrased, he is saying in effect: “If Christ died for us, if the Father Himself loveth you, who can say aught against you?” This is a lesson the Christian should continually keep in mind lest he become despondent and discouraged.
This whole chapter is building up the calling of the Church and its hope, through faithfulness, of being rewarded with the divine nature and being made a permanent part of God’s intimate family. The “grace” of this verse is a continuation of that in verse 10. In other words, the same grace of which the Old Testament prophets prophesied is what we hope for “at the revelation of Jesus Christ.”