Keeping the grammar especially strict, "it" could properly refer to either grace or faith. Allowing Paul a bit more freedom, though, "you have been saved" could fit as well, with "it" meaning the salvation-event, or salvation-act. So to parse it out in each of these ways, we could have any of the following. I apologize for the repetition; I find it helpful personally to see each option replacing "it" in the context of the full verse.
Biblia Septuaginta Esword Full Version Free 12
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