Psalms 130:8

He shall redeem Israel - Και αυτος υτρωσει, "He will make a ransom for Israel," He will provide a great price for Israel, and by it will take away all his iniquities. I would not restrict this to Israel in Babylon. Every believer may take it to himself. God perfectly justifies and perfectly sanctifies all that come unto him through the Son of his love.

And he shall redeem Israel from all his iniquities - His people. He will completely deliver them from the power and the pollution of sin. This will ultimately be accomplished in reference to his whole church, and to every true member of that church. This was the highest object before the mind of the psalmist - that with which the psalm appropriately closes. And this is the highest object before the mind of every true child of God - that he may be completely and forever delivered from the power and the dominion of sin. This will be perfectly accomplished in heaven only; but there and then the bliss will be complete. The psalm begins with an earnest cry from the "depths;" it closes with the triumphant hope of complete and eternal deliverance. There is one world where there is no occasion to cry to God from the "depths" of sorrow and of sin.