They believe they are born again but just not completed in the last phase of that, which is that of being given spirit bodies.
I don't have the article's location imprinted in my memory, but I can produce one of their articles which shows the steps they believe are involved in being born again. The article explains that they believe it begins with the special anointing here in the flesh whereby the elect individual is born again spiritually and placed in line to be completed in that being born again to a spirit being upon their literal death.
Would you like for me to find that article and post it? I have all of their literature back to 1950 and some of their literature back as far C.T. Russell.
here is one such reference:
Watchtower February 15, 1998 - Page 13 "Jehovah Brings Many Sons to Glory"
“Born From God”
6 Those begotten by Jehovah are “born from God.” Addressing such individuals, the apostle John wrote: “Everyone who has been born from God does not carry on sin, because His [Jehovah’s] reproductive seed remains in such one, and he cannot practice sin, because he has been born from God.” (1 John 3:9) This “reproductive seed” is God’s holy spirit. Working in conjunction with his word, it has given each of the 144,000 “a new birth” to a heavenly hope.—1 Peter 1:3-5, 23.
7 Jesus was God’s Son from his human birth, even as the perfect man Adam was the “son of God.” (Luke 1:35; 3:38) After Jesus’ baptism, however, it was significant that Jehovah declared: “You are my Son, the beloved; I have approved you.” (Mark 1:11) By this declaration accompanying the flow of holy spirit, it was clear that God then brought Jesus forth as His spiritual Son. As it were, Jesus was then given “a new birth” with the right to receive life once more as a spirit Son of God in heaven. Like him, his 144,000 spiritual brothers are “born again.” (John 3:1-8; see The Watchtower, November 15, 1992, pages 3-6.) Also like Jesus, they are anointed by God and commissioned to proclaim good news.—Isaiah 61:1, 2; Luke 4:16-21; 1 John 2:20.