Is John 5:24 speaking of being born again?

John 5:24 (ESV) > Truly truly I say to you, whoever hears my word and believes him who sent me has eternal life and he does not come into judgement but has passed from death to life. The verse states that when one hears Jesus's words and believes, one "has passed", implying at the time of the hearing and believing, from death to life. Unless I am mistaken it also seems "from death to life" is the same as "being born again" mentioned previously in John 3. Does this verse state that we are born again at the time we hear and believe in Christ?